Adlaw Appraisals Weekly Update

Adlaw Appraisals WEEKLY sales to listing ratio update (September 16, 2022)

Looking at 50 different market areas, for both single family and multi family (townhomes and apartments) in the GVA, Fraser Valley and Okanagan regions.?

What is a sales to listing ratio? The ratio between the number of homes sold in the last 30 days versus the number of total listings in the market.

Why is it important? It is a point in time indicator of demand and supply of housing in a specific area and provides excellent information for buyer’s, seller’s, realtors and valuation experts who cannot afford to wait 3-4 weeks until monthly stats are available. Generally speaking, a downward market (buyer’s market)?is when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure (seller’s market)?when it surpasses 20 per cent over several months.

If you have questions about real estate appraisals, please contact us today.?

Fraser Valley, Greater Vancouver and Central Okanagan?(Single Family)

Fraser Valley, Greater Vancouver and Central Okanagan (Townhomes and Apartments)

*Red indicates a buyer's market (<12%), yellow is a balanced market (12-20%) and green is a seller's market (>20%)

**Statistics based on sales from August 16 to September 16, 2022 and active listings as of September 16, 2022.

Where are Prices Going? (Fraser Valley and GVA)

Single Family:

It is mostly a buyer's market across the board in GVA and Fraser Valley for months in a row now, except for North Delta, Cloverdale, Burnaby, Coquitlam, Ladner, North Vancouver and Coquitlam. All other areas are below 12% indicating a buyer's market. The average sales to listing ratio for Fraser Valley is down from 8.53% last week to 7.74% and down from 8.93% last week to 8.54% in the GVA. Both have been well under 12% for months which will push downward pressure on prices. Areas of greatest concern (greatest opportunity?) include: Mission, Chilliwack, Abbotsford, Surrey, and West Vancouver with extremely low sales numbers compared to listings.

Townhouse / Apartments:

Multi Family units are hurting in the Fraser Valley and doing much better in the GVA. The overall sales to listing ratio in Fraser Valley is down from 13.57% last week to 12.16% and down from?16.45% last week to 12.50% in the GVA. Overall, it appears the cost of borrowing is keeping many buyer's out of the market.

In summary, after successive months of many areas of the Fraser Valley and GVA experiencing low sales relative to listings, values will most likely continue to decline until an equilibrium is regained.

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Let our team’s knowledge of local markets help you get the value you deserve.

Thank you for reading!

?Sincerely,

Adam Lawrenson, AACI

Owner, Adlaw Appraisals